The state will manage Albania’s hydrocarbon security reserves under a draft law approved today by the Council of Ministers. The legislation will change how authorities store and manage these reserves.
Energy and Infrastructure Minister Enea Karakaçi said the draft law introduces a major change to the current system. Private operators currently hold the reserves, but a state entity will take over this responsibility.
“This draft law completely changes the current approach. Private operators currently hold the hydrocarbon reserves. Under this legislation, a state entity will hold the security reserves and provide stronger guarantees for their storage and use, as required by law,” Karakaçi said.
The minister explained that the country will use the reserves when the market faces a shortage of hydrocarbons.
To manage the system, the draft law creates a National Authority for Hydrocarbon Security. The authority will store and manage the reserves. It will also release them onto the market when needed and in line with legal requirements.
“This draft law establishes a National Authority for Hydrocarbon Security. The authority will store and manage the reserves and release them onto the market when necessary and as provided by law,” Karakaçi said.
Meanwhile, the draft law also aims to align Albania’s legislation with European Union directives on the security of hydrocarbon supply.
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